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Affordable Housing Analysis in Zip Code 95062: LIHTC Projects in Live Oak, California
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 95062, encompassing Live Oak in California, has a population of 35,847 as of 2022. This area contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory, totaling 157 units, with 118 designated as low-income units. The LIHTC-funded affordable housing represents approximately 1.14% of the estimated 13,734 housing units in the zip code.
The LIHTC projects in zip code 95062 have received $2,283,325 in project tax credits, averaging $14,543 per unit. This funding constitutes 0.07% of California's total LIHTC allocation, indicating a modest investment in affordable housing for this area. The zip code experienced LIHTC-funded affordable housing development from 2015 to 2019, with three projects completed during this period. East Cliff Village Apartments, completed in 2015, was the first project, while Water Street Apartments, finished in 2019, was the most recent.
The housing inventory in zip code 95062 primarily consists of one-bedroom units (110), followed by two-bedroom units (24), and efficiencies (23). This distribution suggests a focus on accommodating smaller households or individuals. Over the past decade, the zip code has experienced population fluctuations, peaking at 37,269 in 2018 before decreasing to 35,847 in 2022. Median income has shown an overall upward trend, increasing from $73,297 in 2013 to $92,128 in 2022, with a notable peak of $110,572 in 2021.
Racial demographics in zip code 95062 have remained relatively stable from 2013 to 2022. The Asian population increased slightly from 3% to 4%, while the Hispanic population decreased from 26% to 21%. The white population maintained a majority at approximately 67-69% throughout this period. The development of LIHTC projects during this time aligns with the area's population growth and increasing median income, potentially addressing the need for affordable housing options in a progressively more expensive market.
Zip code 95062 has seen a modest but consistent investment in LIHTC-funded affordable housing in recent years. The 157 total units, including 118 low-income units, contribute to addressing affordable housing needs in the area. The focus on one-bedroom and efficiency units suggests an emphasis on accommodating smaller households. While the LIHTC-funded units represent a small percentage of the overall housing stock, they play a crucial role in providing affordable options in an area that has experienced rising median incomes and a relatively stable population over the past decade.
